My portfolio reshaping file can be found here.
In order to stay in compliance with the Bloomberg data license, I only
include numeric fields that I have calculated. My ranking method ranks
the companies in my portfolio, and all replacement candidates by
several variables:

I rank the companies on all of the criteria, weight the ranks,
and calculate a grand rank. I look for the company that I own that has
the middle rank for all of my currently owned companies, and I sell a
few companies that I own below that, and buy some new companies near
the top of the list. Here are my actions:

I have enough reinsurance names going into earnings. If you
need more of an example of how well they will do this quarter , then
look no further than PartnerRe’s solid earnings report
this evening. On the other sales, DTE Energy and Dow Chemical were
solely for valuation reasons. Sara Lee is another matter; my
confidence that they can turn around the company is reduced, and
valuation is not compelling.

As for purchases, on the shoe retailers, there were a bevy of
cheap names, but Shoe Carnival and Charlotte Russe seemed to have the
most consistent operations, and low debt. Gehl seems to be in a good
industry, small agricultural machinery is in demand, and valuations are
modest. Finally, Redwood Trust seems to be well-run as mortgage REITs
go. Asset quality is good and leverage is moderate. Also, the debt is
all from securitizations, so it is non-recourse to the company; the
most that can happen is that the assets in the securitizations
depreciate to the degree that their residual interests are worthless.

One other shift that is unintentional here, is that my
portfolio becomes more small cap in nature. I am selling away larger
companies, and buying smaller ones. That is an accident of the
process, but occurring because there are some genuinely cheap
companies to buy. Time will tell as to whether these are good
purchases, but most of what I like in investments are lining up here.